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					The Hidden Treasures of Home Business Tax Breaks




A lot of home business professionals are aware of the obvious financial perks that come with doing this line
of work. These include not having to drive around so much, casual wardrobes and being able to eat at home.
However, there are a handful of possibly eye-opening tax breaks that you could be overlooking. Read on into
the following paragraphs for ways to boost your savings from working at home.




Keep track of all your transportation expenses. You can get tax breaks on a lot of these, if your records are
meticulous enough. Do not just track automobile and insurance payments, but also receipts for gas, car
maintenance and other methods of transportation. Any time you travel somewhere for a professionally-related
function, you can possibly write off these expenses tax free.




Save copies of any and all utility bills that relate to your business. These can include phone, electricity,
Internet and even rent. If a portion of your home meets the criteria as being a home office, you can possibly
get tax credits for these bills as business expenses.




Get out a tape measure and know the exact square footage of any area in your home used for business purposes.
The tax guidelines regarding this are pretty strict, but if you fall within the criteria and meet the IRS
requirements, you can save many dollars off of your federal taxes for this, and possibly even state and
municipal taxes as well.




Even though you might not be in the habit of keeping receipts for big ticket purchases that are infrequently
made, such as computers, printers and furniture, do so. These might actually prove to be a recurring tax break
year after year, depending on their use, value and your local and individual tax situation.




Keep receipts for things like general office supplies and paper. Even a three dollar package of paper clips
can mean possibly saving a dollar off of taxes.




Talk to an accountant. Accountants are well versed in all the tax laws, plus current changes and pending
litigation. A good accountant will be a source of both tax season savings and write-off ideas.




If you are maintaining the great record keeping of your expenses discussed earlier in this article, present
all this to an accountant and let him or her maximize your savings at tax time. Software tax return programs
might offer some help based on the numbers you have collected, but there is no substitute for a trained
professional.
As you are now aware, there are dozens of possible tax breaks to take advantage of if you run a home business.
Keep records that are impeccable, and you give your accountant impeccable assistance. All this adds up to
getting the most bang for your buck at tax time, and you can save hundreds, if not thousands, of dollars. And,
of course, having lots of dollars is why you are doing home business in the first place. Keep this article in
mind over the next year, and watch the money flow.

				
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Description: Home bussiness Ideas